Global Pressure Control Equipment Market was valued at US$ 5.4 Bn in 2019 and is expected to reach US$ 8.5 Bn by 2026 at a CARR of 5.83% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Global Pressure Control Equipment Market Dynamics:
The pressure control equipment is contrived by following the API standard to endure high-pressure conditions. As companies are aiming at high-pressure drilling, the market for high-pressure control equipment is anticipated to grow at the highest CAGR in the forecast period.
The market for offshore applications is projected to grow at a higher CAGR during the forecast period due to the demand for pressure control equipment for offshore applications is anticipated to increase. Offshore activities want progressive technology. The South China Sea, the West Australian Coast, and the Gulf of Thailand are the main hubs for offshore E&P actions in APAC.
The onshore application segment is expected to dominate in the forecast period because the occurrence of vast onshore shale investments in the US and Australia is expected to boost the demand for onshore oil fields. In 2019, the onshore rig count in North America was nearly 92%, in the Middle East it was almost 85%, and the inclination was similar for other regions as well. This has led to the employment of pressure control equipment for onshore applications, and this trend is anticipated to continue during the forecast period.
Global Pressure Control Equipment Market Regional Analysis:
North America is expected to continue to hold the largest share of the pressure control equipment market, in terms of value. The region is the new swing manufacturer in the global oil markets owing to the efficiency in production from both shale operation and deep-water examination and invention in the Gulf of Mexico.
In June 2018, Baker Hughes, a GE company, was awarded a united well services agreement to support a huge proportion of Equinox's drilling and healthy construction activities in the Norwegian sector of the North Sea for an unusual period of 4 years with options to spread up to 10 years. In March 2017,
Schlumberger and Weatherford International, PLC (Switzerland) entered into a contract to form a joint venture called OneStim. This joint scheme will offer customers in the US and Canada products and services for progressive resource plays.
Global Pressure Control Equipment Market, Key Highlights:
• Global Pressure Control Equipment Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Pressure Control Equipment Market
• Global Pressure Control Equipment Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Pressure Control Equipment Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Pressure Control Equipment Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Pressure Control Equipment Market are also profiled.
The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
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Scope of the Global Pressure Control Equipment Market: Inquire before buying
Global Pressure Control Equipment Market, by Component
• Valves
• Control Heads
• Quick Unions
• Wellhead Flanges
• Christmas Trees
• Adapter Flanges
Global Pressure Control Equipment Market, by Type
• High Pressure
• Low Pressure
Global Pressure Control Equipment Market, by Application
• Onshore
• Offshore
Global Pressure Control Equipment Market, by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Global Pressure Control Equipment Market Key Players
• Schlumberger
• National Oilwell Varco
• Baker Hughes
• Lee Specialties
• Control Flow
• Brace Tool
• FHE USA Hubbell Inc.
• GKD Industries
• Hunting
• Integrated Equipment
• IoT Group
• Lee specialties
• The IKM Group
• The Weir Group
• TIS Manufacturing
• Weatherford International.
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